No matter if you call them a Rent My House, home management firms, or rental property management agencies….it all means the same thing. The focal point is usually on residential properties (but commercial property management firms do exist of course. Property rental agencies serving the Petersburg City area offer a long list of services to help you renting your house. It’s an overwhelming list of tasks that a experienced Rent My House will oversee; in fact (if you’re a detailed follow through kind of people person, you may even want to look at a job as a property manager yourself!.) Here’s an incomplete list of what property managers do if they are asked “will you help me rent my house?”
Property Management Services RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a tenant
- Handle contracts
- Keep you out of jail by helping you obey housing laws
- Show your property to interested tenants in order to rent your house
- Deal with move in and move out
- Collect money and get you paid!
- Handle collections if payments are not on time
- Assist with evictions
- Answer tenant questions
- And a lot on top of that.
It’s everything but the kitchen sink! Factors to think about if you are wondering if you maybe should rent your home on your own or hire a Rent My House near the Petersburg City area.
WILL YOU HAVE THE TIME TO OVERSEE YOUR INVESTMENT PROPERTY near the Petersburg City area?
If you are employed at a full-time job while you are looking after a rental property and simply can’t give your your rental property the time it demands, the success of your investment could depend on employing a great property management company in Richmond
In addition, realize that time is definitely money and taking care of a rental home takes effort. If you feel like the every day duties of rental management are impeding on time that could be more profitably spent making more money at your day job, or looking for other investments, hiring an outside property management agency may be the right move for you.
HOW MANY RENTAL UNITS IN Petersburg City DO YOU HAVE TO TAKE CARE OF?
As the number of investment properties you own goes up, so does your workload. The more tenants you have, the more maintenance issues, renter complaints, and empty properties you will have to deal with. In addition, if your units are spread across multiple areas, your time commitment will increase as you will have to manage the cash flow of each particular property as well as drive from property to property to resolve issues.
DO YOU HAVE EVEN A LITTLE BIT OF PROPERTY MANAGEMENT EXPERIENCE?
If you want to invest in Richmondrental homes, but don’t know a single thing about property management, hiring a professional Rent My House can be the right choice for you. Learning as you go can become very costly.
For a property investor who is just beginning, hiring the wrong repairman or taking too long to fill a vacancy can rapidly eat into your profits. There are large legal liability problems you can encounter if you don’t know about Fair Housing regulations or Federal real estate law. One lawsuit can pay for a lot of rental management charges!
DO YOU HAVE THE TIME TO MANAGE YOUR RENTAL HOME in the Petersburg City area?
If you have a full-time job while you are dealing with a rental property and simply cannot give your your rental property the attention it needs, the profitability of your investment might depend on employing a full time property management company in Richmond
In addition, realize that time is definitely money and overseeing a investment home takes effort. If you feel like the day to day requirements of property management are impinging on time that could be more profitably spent making more money at your day job, or hunting down other properties, paying for an outside property management company may be the right move for you.
HOW CLOSE IS YOUR RENTAL PROPERTY?
The more distance between you and your investment property,the harder it is to manage. If your main home is in Georgia and your property is in the Petersburg City area, it will be a lot of work for you to find tenants,to handle constant complaints,to quickly react to emergencies, to take care of maintenance issues, and even to ensure rent is collected by due date.
The amount of time it takes you to get to the property and the cost of getting there will also add up. In situations like these, hiring a professionalRichmond property management firm? can make a lot of sense and actually save you some dough.
HOW WILL A RESIDENTIAL PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY HOME NEAR Petersburg City?
Property managers who service the Petersburg City area can do a lot of things for you as the homeowner, which can include the following areas:
Nearly all managers are paid to address repair requests, noise complaints and possess the required relationships to deal with difficult situations.
Deliver financial management services Handle payments for the sake of the owner (Mortgage, insurance, homeowner association dues, etc.) Specific records of expenses via invoices and receipts Preserve all past documents (paid invoices, paperworks, inspection documentation, warranties, etc.) Deliver annual reports, organized for tax purposes as well as mandatory tax paperwork including a 1099 paperwork Counsel owner on legal tax deductions related to their investment property. Deliver formatted monthly cash-flow documents which specify a detailed breakdown of income and specific expenses
MANAGE MAINTENANCE ITEMS AND REPAIRS
Property managers are customarily charged with caring for the physical management of the residence, including consistent maintenance and unexpected repairs.
Professional rental managers are many times contracted to observe vacant homes to ensure there has been no vandalism and to oversee standard maintenance. They also make certain contractors and other outsourced workers are finishing their work in a reliable manner.
SUGGEST AND SUPERVISE VENDORS
Home management professionals should be ready to offer recommendations on repairs and cosmetic work that maximize profitability while providing great return on investment.
DEALING WITH EVICTIONS
When a renter does not pay on time or in some way breaks the terms of the lease, the rental agent knows is experienced with the best approach to file and proceed ahead with an eviction.
Deliver financial management services Handle payments for the owner (Mortgage, insurance, HOA dues, etc.) Specific accounting of expenses via invoices and receipts Maintain all historical documents (paid invoices, agreements, inspection reports, warranties, etc.) Oversee annual reporting, organized for tax needs as well as needed tax documents including a 1099 form Educate owner on appropriate tax deductions related to their investment home. Prepare formatted monthly cash-flow documents which provide a detailed breakdown of income and detailed expenses
PROPERTY MANAGEMENT COMPANIES HELP YOU DECIDE THE CORRECT RENT LEVELS
Property managers are responsible for determining the initial rent level, and collecting rent from tenants. Top level rental agents know how to set the market rent level todirect renters to your investment property. They hopefully have a specific understanding of the Richmond area, where the home is located and have reviewed at comparable properties in the general Richmond market.
MANAGE MAINTENANCE AND REPAIRS
Rental agents are customarily in charge of the physical care of the property, including consistent maintenance and needed repairs.
At times when there is a problem needed, the rental agent may handle it themselves or will contract with someone to handle the issue it. They frequently have a screened network of trustworthy carpenters,plumbers,electricians and other types contractors.
DEALING WITH EMERGENCIES
Nearly all they are paid to oversee maintenance situations, noise issues and possess the required contacts to handle emergency situations.
INCREASING OR ADJUSTING RENT:
The property manager can increase the rent by a fixed percentage each year, according to individual state and/or municipal law. They can also decrease the rent if they (and you) decide that’s necessary.
DEALING WITH WRITTEN AGREEMENTS
Many managers are responsible for determining the length of the lease and ensuring it has all the required provisos to protect the client. This includes determining the amount of damage deposit needed.
SUGGEST AND SUPERVISE VENDORS
Rental management agents should be capable to suggest vendors to do maintenance and small work that maximize monthly rent while providing good ROI.
Question: How much do rental agents cost?
Answer: As you might guess, the response is “it depends.” Leasing agencies vary widely, and a good deal of the response depends on what a firm does for you.. Exactly what do you want a property manager to do for you?
Typical % of Rent Agreement. As a starting point, expect to pay a normal Leasing agency ranging from 6 – 10% of the monthly rent of the house. This is called a management fee, or monthly management fee. Generally the higher your rent is, the lower the percentage fee is. For example if your rent is $2,500 each month for your rental house, you will usually pay a lower percentage fee than another person whose house rents for $1000 per month.
You do not pay this management fee until rent is received. Look specifically at your agreement regarding whether the management charge is determined by ‘rent collected’ or ‘rent due’. If the charge is based on rent collected, it means the Property management company won’t get paid if you don’t get paid. On the other hand, if it’s determined by ‘rent due’, then you pay whether or not rent is received from the tenant normally.
Fixed Fee Contract
Some firms may charge, say,$75- $150 per month flat rate. There is nothing dictated bylaw in this; it’s decided by the firm owner.
You would not owe money on a fixed rate agreement typically until rent is collected.
What can a RichmondHome Management Agency Do to Market Your Property?
- Get property ready for rental
- Clean home and optimize interior attractiveness
- Manicure landscaping to emphasize curb appearance
- Create ads tailored to the house and advertising channel.
- Some of the channels often utilized are:
- Paid and free rental listing websites
- Print magazines
- Install a lock box
- Multiple Listing Service listings
- Work with other realtors and property management agents to locate a tenant
- Provide a 24/7 phone where prospective tenant can listen to specific information about the house
- FieldAnswer phone calls from prospects for questions and showings
- Welcome prospective tenants for showings throughout the week and weekend.
- Provide potential renters with rental applications that are legally in line with government regulations
- Collect applications with application fee
QUESTION: How May a Lease Management Company assist an owner with the Renter Move In Procedure?
- Prepare leasing contract
- Determine move in date with applicants
- Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance
- Ensure all agreements have been properly executed
- Perform detailed move in inspection with renter and have tenants sign a report verifying the condition of the property prior to move-in.
- Secure first month’s rent and security deposit
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some property management companies in the Petersburg City area might charge a new renters placement fee or have a bonus structure for getting a renter into an agreement. Acharge of 50 to 100 percent of the first month’s rent for any new tenant placed is not unusual. However, you should not typically run into high multiple up-front charges.
Generally a lease up fee is not paid until the tenant is found, meaning you don’t have to pay out of pocket to pay this.
QUESTION: Do Residential Property Management Companies Assist With Move Out?
Yes, a Property Management Company can Help With Move outs. Activities might include:
- Inspect investment property. and complete a document on the home’s condition when the renter moves out
- Deliver renter with a copy as well as estimated charges
- Return the balance of the damage deposit to the renter
- Forward remaining portion of the owner’s share of the renter deposit to the homeowner or hold in owner reserves for repairs.
- Turn over house and handle required repairs or upgrades
- Re-do the locks
- Re-List home back on the market for rent
QUESTION: What Inspection Services Do Property Managers Provide?
- Perform periodic inspections (Inside and outside) on a regular schedule looking for repair needs, safety issues, code issues, lease infractions, etc.
- Send owner periodic reports on the condition of the property
Question: Do residential property management help with evictions?
Some renters just don’t work out. Some get fired and become unable to pay their rent, while others turn out to be flakey and a disturbance or nuisance at your home. Most likely a home manager will levy a charge to complete the tedious process of evicting a tenant which is usually roughly $300-$500 for each eviction, plus any relevant legal costs.And an evictionoftentimes take several months, so be prepared to not get any rental income until they are out. On top of that, you could find there is repair work to be done on your property.
Generally speaking, you are better off providing your renter financial reasons to vacate the investment property early and skip suing them, as maddening as that might seem. You can avoid many problem situations with painstaking tenant screening done beforehand.
Question: What are typical procedures regarding Late Payment Fees?
At times renters pay after the due date. Read your paperwork to see if those late payment charges go to you as the owner, to the residential property management, or are shared somehow.
Question: What do do property managers charge?
Answer: As you might guess, the answer is “it depends.” Property management firms vary widely, and a good deal of the response depends on what they do for you.. Just what do you want a rental agent to accomplish for you?
Usual % of Monthly Rent Agreement. As a ballpark figure, expect to pay a normal Rental management agency between 6 – 10% of the monthly rent of the unit. This is referred to as management fee, or monthly management charge. Usually the higher you charge for rent, the lower the percentage is. For example if your rent is $2,500 per month for your property, you will usually pay a lower percentage fee than another person whose home rents for $1000 per month.
You are not charged this percentage fee until payment is received. Look specifically at your agreement regarding whether the management fee is based on ‘rent collected’ or ‘rent due’. If the charge is based on rent received, it means the Rental management agency won’t get paid if you don’t get paid. Conversely, if it’s based on ‘rent due’, then you pay whether or not rent is received from the renter typically.
Fixed Fee Agreements
Some companies may charge, say,$75- $150 per month fixed rate. There is nothing required bylaw in this; it’s decided by the company owner.
You wouldn’t owe money on a flat rate contract usually until rent is received.
Question: What do Inspections of my home cost?
Some leasing agencies will charge for inspections, others will give you an inspection or more without charge per year. This is a walk through of your unit to see how the renter is keeping it up. Charges can range from $50-200 per inspection.
QUESTION: What are Advertising Fees?
Some rental agencies charge a marketing fee. This is an upfront fee to advertise your vacant house. This charge is usually $250-400. A majority of companies don’t charge this charge, so shop around!
Empty Unit fee Some companies charge 1 month’s payment up front. You may run into this fee if you are attempting to hire the leasing agency while the house is empty. This gives them the money to pay a realtor a commission for placing a renter in the house, or to pay the costs of advertising, repeatedly showing the house to prospective tenants, as well as the expense of preparing lease paperwork (which can take hours).
QUESTION: What types of Maintenance can property management companies help with?
Some residential property management in the Petersburg City area have their own maintenance crews, full-time. The majority of refer this work out to various subcontractors. Some property management companies charge a flat rate to manage any work done by contractors. Many will add on to the subcontrcontractor’s fee. Be certain you know how it operates with your unit management agency!
Question: What are typical procedures regarding Late Payment Charges?
At times tenants pay after the due date. Read your contract to see if those late payment fees go to you as the owner, to the leasing agency, or are shared in some way.
QUESTION: How Would a Rental management Company Help With Renter Vetting and Selection?
Screening Applicants- A leasing agent will review the prospective tenant applications to discover the tenant that is the ideal fit for your home. They have a proven vetting process, which includes running credit checks and criminal background checks, which can reduce your likelihood of being charged with breaking the law. Professional rental agents have seen many tenants, so they have a good concept of how to select the best tenants; tenants who will pay their obligations on time, have a longer tenancy and create much fewer problems. Perform a background check to authenticate identity, income, credit history, rental history, etc. Evaluate tenant per pre-decided tenant criteria Communicate with applicants who may have been turned down
Question What Services Are Included in A Typical Property Management Contract?
Be sure you determine exactly what maintenance services are a part of with your charges. It might be that when something needs fixing, some labor charges are included with your monthly flat rate or percentage charge (for example, changing out light bulb and replacing faucet handles) while others are charged individually (such as replacing broken window panes and installing new sinks).
Regardless, everything should be specifically expressed in your contract. Keep in mind that these charges might require you toincrease your rental rate, which might make finding – and keeping – tenants harder. Keep in mind, unit management charges can be negotiable. Depending on how much you’re willing to pay, you might be able to get a better price by giving up particular services and dealing with them on your own.